The GBP/USD pair climbs to its highest level since March 14 during the Asian session on Tuesday, albeit struggles to capitalize on the move and is currently placed just above the 1.2800 mark.
GBP/USD struggles to capitalize on the move to a nearly three-month high set this Tuesday. Fed rate cut bets keep the USD bulls on the defensive and lend some support to the major. The technical setup validates the positive outlook and supports prospects for further gains. The near-term bias, meanwhile, seems tilted in favor of bullish traders in the wake of the prevalent selling bias surrounding the US Dollar .
This, in turn, suggests that the path of least resistance for the GBP/USD pair is to the upside and supports prospects for a move to the 1.2855-1.2860 region en route to the 1.2900 neighborhood or the YTD peak touched in March. On the flip side, weakness below the 1.2780-1.2775 immediate support might attract some buyers around the 1.2725-1.2720 area. This should help limit the downside for the GBP/USD pair near the 1.2700 mark.
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